Economy
Prices of Brent, WTI Drop as OPEC+ Mulls Faster Output Increases
By Adedapo Adesanya
Oil prices slipped by 2 per cent on Wednesday as the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) mulled accelerating its oil output increases in June.
Brent crude was down by $1.32 or 1.96 per cent to $66.12 a barrel while the US West Texas Intermediate (WTI) crude depreciated by $1.40 or 2.2 per cent to $62.27 per barrel.
Reuters reported that several OPEC+ members will suggest more oil output hikes in June for a second consecutive month as disputes between members over compliance with production quotas worsen.
It was reported that some wanted to increase output by a similar volume to the May increase ahead of a May 5 meeting where eight OPEC+ countries will meet to decide the June output plan.
The May and potential June hikes are part of a plan by Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan and Oman to gradually unwind their most recent output cut of 2.2 million barrels per day.
OPEC+ also has 3.65 million barrels per day of other output cuts in place until the end of next year to support the market.
There was ease in the market following a report that US President Donald Trump may cut tariffs on Chinese imports.
There is now a possibility that the China tariffs are likely to come down to between 50 per cent and 65 per cent.
This came as US Treasury Secretary Scott Bessent said he believes that excessively high tariffs between the US and China will have to come down before trade negotiations can proceed.
Also, President Trump has backed away from the threat of firing Federal Reserve Chair Jerome Powell after days of criticising the US central bank for not cutting interest rates, easing investor fears about economic uncertainty.
Crude oil inventories in the US saw an increase of 200,000 barrels during the week ending April 18, according to new data from the US Energy Information Administration (EIA) released on Wednesday.
However, both gasoline (petrol) and distillate inventories fell more than expected.
On Tuesday, the American Petroleum Institute (API) reported a different story, showing a large draw of 4.565 million barrels in US crude oil inventories with large draws in gasoline and distillate stocks.
The US had also issued new sanctions targeting an Iranian shipping magnate whose network handles Iranian liquefied petroleum gas and crude oil worth hundreds of millions of Dollars.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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